'The Vast 442 mn China Reason' Why the Gambling Sector in India Requires a Code of Conduct

As India's online gaming population reaches 442 million, surpassing China, experts underline the importance of ethical gaming practices and effective self-regulation. Grant Thornton Bharat, in collaboration with the E-Gaming Federation (EGF), has released a report titled "Guardians of Safe Play: Ethical Gaming for Vibrant Bharat", emphasizing the importance of prioritizing adherence to a strong code of conduct and embracing self-regulation to ensure the industry's long-term growth.

What does the report suggest?

The Grant Thornton paper recommends for a thorough Code of Conduct (CoC) in the gambling sector, which would establish clear norms for ethical behavior and promote accountability and transparency. It also emphasizes the value of third-party certification in promoting self-regulation and upholding high industry standards.

According to the paper, the CoC would address important risks such as cyber threats, regulatory uncertainty, and financial concerns, while also providing best practices for mitigating obstacles and ensuring the industry's sustainability and growth.

The research emphasizes strong player protection systems and promotes proactive measures and educational activities, advocating for collaboration among industry participants, regulators, and legislators to build a safer, more responsible gaming environment. It also advocated for strong regulatory procedures to protect participants from cyber risks, fraud, and other unfair activities.

Games of skill against games of chance

Exploring the legal framework controlling the real money gaming (RMG) sector, Grant Thornton Bharat's paper distinguishes between games of skill and games of chance. It emphasizes the critical need to reform regulations and develop clear, consistent standards for navigating the intricacies of the RMG industry. It also advises upgrading regulations to counter sectoral risks like microtransactions and loot boxes.